The Post Office is a publicly owned national institution that has diversified from its original role of being the counter services for the postal system into a wide range of courier and banking services. The Post Office is the main agency for the distribution of bonds produced by another public institution, the National Saving and Investments agency. The Bank of Ireland provides banking services in the UK through the Post Office and now the joint venture also offers savings bonds. So there are two options for buying bonds at the post office.
- Skill level:
Things you need
- Picture ID (passport or drivers licence)
- Proof of address
- Bank account details
- NS&I number
Go to your local branch of the Post Office and ask for a pamphlet on Premium Bonds and Growth Bonds. Decide which of these you want to buy. You need to be 16 or over to buy either of these bonds yourself. You can invest between £100 and £30,000 in Premium Bonds or between £500 and £1 million in Growth Bonds, although only the first £85,000 is protected under the Financial Services Compensation Scheme. Growth Bonds are products of the Bank of Ireland and Premium Bonds are created by National Savings and Investments.
Look for an application form, either in a display stand near where customers queue, or in a rack on the side counter where people fill in forms. If these locations are empty, queue up and ask for a form at the counter.
Fill in the form either at the side counter, or take it home to fill it in. You will need to enter your contact details and the amount you wish to invest. If you already have Premium Bonds and are buying more you will need to write in your NS&I number. If you don’t have one your will be allocated one during the account opening process. For Premium Bonds you will also need to give your email address so they can notify you of any winnings and the bank account into which they should pay your prizes. Sign and date the form.
Queue up and hand in the form at a counter. The Post Office clerk will ask you for your ID, which should be wither your passport or driver’s licence. You will also need to show a utility bill for proof of address. You can pay for the bonds either in cash or with a debit card.
Tips and warnings
- The processing of the Bond purchase will take two to three days. During the application processing period, the BoI or NS&I; will check your details on the Electoral Register, so it helps if you are registered to vote at your current address.
- 20 of the funniest online reviews ever
- 14 Biggest lies people tell in online dating sites
- Hilarious things Google thinks you're trying to search for